A widely followed crypto trader says Bitcoin (BTC) is poised to reach new highs as he plots the latest corrective moves from Chainlink (LINK).
Crypto analyst Michaël van de Poppe tells From its 668,000 followers on the social media platform
“Bitcoin is very poised to regain $29,000-30,000 and reach new highs.”
BTC is worth $27,984 at the time of writing, up 2.1% in the past 24 hours.
A few days ago, Van de Poppe said that BTC was consolidating, which the trader said should provide momentum to certain altcoins.
“Altcoins saw a substantial correction overnight, while Bitcoin is consolidating.
The trendy coins of recent weeks have also undergone a huge correction.
As long as Bitcoin consolidates, I expect these assets to continue to show momentum.
It will take a few days.”
At the same time Van de Poppe pointed out that LINK would likely undergo one final correction before a breakout that could last into next year.
“The final correction for Chainlink before we break out of this range.
The markets are still preparing for a major breakout, and if cycles materialize, 2024 will be a big year for LINK.
I expect some retests to be purchased around $7, ahead of $12-15. “
Yesterday I looked at LINK again, the trader said it indeed underwent correction as predicted.
“Pretty substantial response here from LINK.
I haven’t reached my level yet, but it looks like this is the correction before a breakout to the upside is most likely.”
LINK is worth $7.63 at the time of writing, up 1.7% in the last 24 hours.
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Featured image: Shutterstock/Tithi Luadthong